by Larry E. Swedroe
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Product Description
Investment professional Larry E. Swedroe describes the crucial difference between "active" and "passive" mutual funds, and tells you how you can win the investment game through long-term investments in such indexes as the S&P 500 instead of through the active buying and selling of stocks.
A revised and updated edition of an investment classic, The Only Guide to a Winning Investment Strategy You'll Ever Need remains clear, understandable, and effective. This edition contains a new chapter comparing index funds, ETFs, and passive asset class funds, an expanded section on portfolio care and maintenance, the addition of Swedroe's 15 Rules of Prudent Investing, and much more.
In clear language, Swedroe shows how the newer index mutual funds out-earn, out-perform, and out-compound the older funds, and how to select a balance "passive" portfolio for the long hail that will repay you many times over. This indispensable book also provides you with valuable information about:
- The efficiency of markets today
- The five factors that determine expected returns of a balanced equity and fixed income portfolio
- Important facts about volatility, return, and risk
- Six steps to building a diversified portfolio using Modern Portfolio Theory
- Implementing the winning strategy
- and more.
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Average Customer Review:
1 of 1 people found the following review helpful:
 It's True, 2008-08-03
The title is bold, almost arrogant. But after scrutinizing and using this work, if I were to throw all my other investing books away, my strategy would indeed not suffer.
It is now common to say, but Swedroe does a stellar job of distilling complex investing concepts into accessible prose that suggests a sound tactical plan. As always, his arguments are based on evidence--peer-reviewed studies--rather than the unsupported opinions vomited forth by many other so-called "authorities". His explications are also entertaining, making the bottom-line points memorable and the journey enjoyable. Re-reading provides delightful reinforcement of the main points. Whether an investor chooses to use a fiduciary advisor (like his own firm) or go it alone, the underlying essentials are identical.
If ordinary investors apply the concepts made here, they will likely be more competent than the majority of institutional managers, whose ironically inferior "active" tactics dominate the investing landscape--to the impoverishment of those who trust them to act in their interest. The cumulative weight of Swedroe's explications, examples, quotes, and references, makes this book essential not just for investors seeking to manage their own affairs, but also for "expert" managers who will hopefully get on the wagon. Just read it.
0 of 0 people found the following review helpful:
Best book I have read on investing for the individual, 2008-06-23
This is the best book I have read on investing, I have read many books on investing from Graham to Swensen. After reading this book an individual will have working knowledge of the highly sophisticated investment strategies that academic research has proven sucessful.
0 of 0 people found the following review helpful:
 Is passive indexining truly the solution?, 2008-03-15
I enjoyed the book tremendously but before I convert or convert others around me who value my opinion, I wish someone could convince me of the following: when I look at specific well run low cost mutual funds in each of the different sectors ( Large cap, Mid Cap value , growth, international etc.) and if I choose a low priced Mutual Fund Manager with a long track record - and allowing for the fact that past performance is no guarantee of future results - it would appear these managers year after year beat the benchmark - which would be the indexed fund. When I look at the comparisons on morning star and can see them beating the benchmark year after year I understand these graphs are showing me NET - after all the costs, and trading fees and research by the grad students, etc - it still shows NET returns vs. the index year in and year out.
For example, take any well run mutual fund say... Columbia Marsico 21st Century Ticker: NMYAX fund. Look at the graph and how it beats its benchmark - its passively managed counterpart - year in and year out. Therefore there IS a good chance they will continue in this fashion. Even if they lose to the benchmark the odd year or so, it still looks like a better return every 3-5 years.
Yes it's an A share but I can place that into a wrap account at NAV and only pay a 1% management fee on it each year ( thus skipping the front end load ) and it is still well over the benchmark+1% each year.
Yes I know what the passive managers will say:
"History has nothing to do w/ future results" but hey - when we interview people for a job we ask them what they did in their past.
There is also in Larry's book data on incubators and killing the young investments that don't perform but unless someone can give me a reason why the chart in this graph is wrong when it is net and if I have a fund like this in all the sectors (thus a diversified, asset allocation fund that I can re-balance), I am not sure if I am ready to convert to a full 100% passive management strategy as Larry, or other passive proponents suggests.
1 of 1 people found the following review helpful:
Finally we get the truth, based on research, 2008-02-26
Every investor wants to be smart,pick that promising stock nobody knows about, beat the markets, cash in all these profits and talk about the success at the next dinner party. Well, there are thousands of those individuals out there, stock brokers, mutual fund managers, wealth advisors - you name it - all hunting for the same, day by day, long hours a day, all year long....One or two even maybe smarter than you. No way to beat that. The desire to beat the market by actively managing portfolios is called "the loser's game". Now, what's the solution ?
Larry Swedroe has done sincere research on the topic and is coming to the conclusion that investing in index funds, passively managed funds and similar vehicles is the smartest way to participate in the big picture,the markets.On the long run the most profitable and cost saving too.This is called the "winner's game".These investments usually are available on a cost basis less than 1% opposed to actively managed funds with annual cost of up to several % p.a. These annual cost are you paying regerdless whether or not the markets are going up or down.
No banker, broker or wealth advisor ever has mentioned this strategy to me. For good reason: they almost don't make money with those.
The book among other topics is talking about one's ability to take risks, about the diversication of risk, even gives some examples for portfolios based on different risk levels. An much much more.
The reading is easy, enjoyable and very convincing. The only negative I have to say about this book is:I deeply regret not having had the opportunity to read something like that some years earlier.Thank you Larry!
1 of 1 people found the following review helpful:
Great Insight, 2008-01-07
This book gives the investor the strategy to invest well without needing to try to be an expert. In fact he shows why you don't want to even try to beat the pros.
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